Huobi Zeroes In on Russian Crypto Traders with New Mobile App

Singapore-based cryptocurrency exchange, Huobi Global has today announced the launch of a native mobile app designed specifically for one of the more overlooked landscapes of the crypto world: Russia.

According to an announcement from the company, the app will enable iOS and Android users in Russia to “access Huobi's spot market and trade hundreds of digital assets and Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.”

Additionally, Huobi said that in spite of rumours of upcoming Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term on the crypto industry in Russia, the Russian market is 'key' for the company’s strategy in the European region. Users in Russia already make up 10 percent of Huobi’s total spot trading volume.

Russia Is 'Key' for Crypto Growth in the European Region, Says Huobi

Indeed, “despite recent speculation about new crypto regulation in Russia, we're fully committed to this market and moving full steam ahead to give local users a more intuitive way to buy and trade crypto from their mobile devices," said Ciara Sun, Vice President of Global Markets at Huobi Group.

The phrase 'new crypto regulation' likely refers to a new draft bill recently issued by the Russian Ministry of Finance that proposes harsh repercussions for Russians who fail to disclose their crypto holdings in their taxes.

Moreover, last month, reports emerged that Russia was blocking access to cryptocurrency websites ahead of a larger set of crypto regulations set to go into effect next year. These laws give a definition to digital currency, and will allow exchanges to become 'exchange operators of digital financial assets' if they register with the Bank of Russia.

Huobi Has Been Steadily Working to Build Russian-Language User Community

Still, in spite of the forthcoming regulation, the potential for growth of the crypto market in Russia seems to be making the region too valuable for Huobi to pass up: Ms. Sun also commented that "Russia is leading the region in terms of crypto adoption, but it still has a long way to go before it reaches mainstream adoption.

“With a population of over 144 million people, Russia presents a major growth opportunity for Huobi. For 2021 and beyond, we're aiming to empower 100 million households worldwide to own digital assets, and we see Russia playing a crucial role in this vision."

Furthermore, Huobi’s statement said that while the app is new, the company has been consistently working toward growing its Russian-language community over the past year. These efforts include dedicated channels for news and announcements, as well as Russian-language posts on platforms like Twitter and Telegram.